The volume of global M&A in the fluid power and flow products sector remains extremely vibrant with a consistently strong dealflow, as evidenced by transactions over the past 12 months.
The industry remains a safe haven for both strategic acquirers and PE investors alike, and many large global groups with strong balance sheets are using their available cash to reinforce their product portfolios, service offerings and geographic reach through acquisitions.
Although there was only one ‘mega’ deal over the past year – Emerson’s acquisition of Pentair Valves & Controls for €2.8bn – our table shows that there were a significant number of upper end mid-market deals as players sought to access new technologies and markets. Indeed many of these transactions were cross-border in nature, a defining trend of the mid-market space in this sector as companies look to access new geographies.
We also saw a number of PE-backed transactions. One deal saw LDC acquire ChargePoint Technology, a manufacturer of specialist high containment and sterile transfer valves. Clearwater International advised ChargePoint Technology on the deal.
Clearwater International advises ChargePoint Technology on investment from LDC
Clearwater International has advised the owners of ChargePoint Technology Holdings Limited (ChargePoint), the high growth designer, manufacturer, and innovator of specialist high containment and sterile transfer valves on securing a multi-million-euro investment from private equity firm LDC to drive further international expansion.
The investment by LDC, supporting Managing Director Chris Eccles and Sales Director Tony O’Sullivan in the buyout, will see LDC become a minority shareholder.
The business, which is headquartered in Speke, Liverpool, manufactures and supplies high-performance containment and sterile transfer valves to the largest global pharmaceutical, bio-pharmaceutical and chemicals companies.
|Date||Target name||Country||Description||Acquirer name||Country||Enterprise value (€m)|
|Jul-17||Summit ESP Inc||US||Manufacturer of electric submersible and surface pumping systems||Halliburton Co||US||n.a.|
|Jun-17||Hayward Tyler Group plc||UK||Manufacturer of fluid-filled electric motors and pumps for the energy sector||Avingtrans plc||UK||57.4|
|Jun-17||Nor-Cal Products Inc||US||Manufacturer of vacuum components and valves for the semiconductors sector||Pfeiffer Vacuum Technology AG||Germany||61.0|
|Jun-17||La-Gajjar Machineries Pvt Ltd||India||Manufacturer of submersible and mono block pumps||Kirloskar Oil Engines Ltd||India||n.a.|
|Jun-17||KOP Surface Products Pte Ltd||Singapore||Manufacturer of actuators, surface trees, surface wellheads and valves for the oil and gas industry||The Weir Group plc||UK||101.7|
|May-17||Westlock Controls Ltd||UK||Manufacturer of position transmitters and switchboxes for process valve control, monitoring and networking||Crane Co||US||36.7|
|Apr-17||Cryogenic Industries Inc||US||Manufacturer of cryogenic equipment including centrifugal and reciprocating pumps for the industrial gas, LNG and energy markets||Nikkiso Co||Japan||354.0|
|Apr-17||Gestra AG||Germany||Manufacturer of valves and control systems for fluid and steam process control||Spirax-Sarco Engineering plc||UK||186.0|
|Mar-17||Duplomatic Group SpA||Italy||Manufacturer of hydraulic components and systems||Alcedo SGR||Italy||69.0|
|Feb-17||INOXPA SA||Spain||Manufacturer of process equipment and flow handling systems for the cosmetics, food and pharmaceutical industries||Interpump Group SpA||Italy||76.0|
|Jan-17||Singer Valve Inc||Canada||Manufacturer of automatic control valves for the water industry||Mueller Water Products Inc||US||24.2|
|Jan-17||ChargePoint Technology Ltd||UK||Manufacturer of specialist high containment and sterile transfer valves||LDC||UK||n.a.|
|Dec-16||Ensival Moret SA||France||Manufacturer of pumps for the chemicals, fertilizers, mining and sugar industries||Sulzer AG||Switzerland||80.0|
|Nov-16||Aflex Hose Ltd||UK||Manufacturer of flexible hoses for the chemicals, food and pharmaceutical industries||Spirax-Sarco Engineering plc||UK||72.1|
|Nov-16||TriStone Flowtech GmbH||Germany||Manufacturer of flow technology systems for battery coolling and engine applications||Anhui Zhongding Holding Group Co Ltd||China||170.0|
|Nov-16||Brevini Fluid Power Srl (80% stake)||Italy||Manufacturer of hydraulic components for the automotive industry||Dana Inc||US||325.0|
|Sep-16||Young & Franklin Inc||US||Manufacturer of actuators and valves for industrial gas turbines||TransDigm Group Inc||US||232.0|
|Aug-16||Pentair Valves & Controls Inc||Switzerland||Manufacturer of actuators and valves||Emerson Co||US||2,800.0|
|Jul-16||SFC KOENIG AG||Switzerland||Manufacturer of flow control and sealing solutions||IDEX Corp||US||217.0|
|Jul-16||Mega Pacific Pty Ltd (65% stake)||Australia||Distributor of hydraulic products for the transportation industry||Interpump Group SpA||Italy||12.6|
|Jun-16||Vexve Oy||Finland||Manufacturer of ball and butterfly valves for district heating applications||DevCo Partners||Finland||n.a.|
|May-16||Argo-Hytos Group SA (49% stake)||Switzerland||Manufacturer of fluid power and hydraulic equipment||CAPCELLENCE Mittelstandspartner GmbH||Germany||n.a.|
|Apr-16||Mastergear Inc||US||Manufacturer of valve actuators for the chemicals, oil and gas and water industries||Rotork plc||UK||21.9|
|Apr-16||WITA Wilhelm Taake GmbH||Germany||Manufacturer of pumps for heating systems||Shimge Pump Industry Group Co Ltd||China||13.5|
|Mar-16||PetrolValves SpA (40% stake)||Italy||Manufacturer of valves for the oil and gas industry||Thyssen Bornemisza Group NV||Netherlands||n.a.|